Welcome to the Money Smart Athlete Blog

Setbacks are part of everyday life, and the manner in which they are dealt with contributes greatly to the resulting outcomes of such setbacks. Athletes have more than their fair share in setbacks, especially financial ones, which unfortunately sometimes may even result in complete financial failure, with devastating effects. The financial failure of athletes is a much discussed problem due to its magnitude.

This month we are addressing the issue of financial setbacks and failure of Money Smart Athletes and how they can bounce back positively. During their athletic training, Money Smart Athletes develop unique strengths which if applied to situations of financial distress, can help them take control of their financially challenging situation and get into a positive recovery mode faster.

Through this month’s articles, we want to guide Money Smart Athletes on how to deal with financial distress situations positively, and help them recover and get their lives back on track, as quickly as possible.

Bad investment decisions contribute greatly to the financial problems of professional athletes. Unfortunately, athletes are an easy target for many shady financial predators, who promise them ‘sweet deals’ with huge returns in a short period of time.

This month we deal with the basics of investing and how Money Smart Athletes can create successful investment strategies and plans, in accordance to their values, which will help them generate enough income to support the lifestyle they envision and lead them to financial freedom. With so many ‘get rich quick’ schemes out there which try to sell the improbable dream, Money Smart Athletes need to have the knowledge which will help them make educated decisions for themselves and control their emotional responses to risk and the market.

We believe that knowledge forms the foundation of any successful investment strategy. We hope that we will give Money Smart Athletes the tools to help them invest wisely and make their money work for them!

Personal financial planning is a lifelong process. You will be making financial decisions all your life. Sometimes you will foresee situations and plan deliberately; sometimes, well, things just happen and you will be forced to make instant decisions. Creating your financial freedom plan means making deliberate decisions now that will allow you to get closer to your goals while reflecting the realities of being a professional athlete.

The Money Smart Athlete’s personal financial planning process is rather simple: You figure out where you are now financially, you decide where you want to be financially in different phases of your life and you devise a plan of how to get from where you are now to where you want to go. The difficult part is to have the necessary discipline, consistency and flexibility to stick to your plan, re-evaluate it when necessary and respond to unanticipated needs and desires in a logical manner.

This month we are helping you, the Money Smart Athlete, create your financial freedom plan, your organized strategy for maintaining financial health and accomplishing financial goals. Developing your financial freedom plan will not only allow you to control your financial situation; it will enhance your quality of life and it will definitely reduce any uncertainty you may feel about money-related issues and future needs.

Family, society and culture play a huge role in the development of the athlete’s financial psychology. Money is a social tool and our attitudes, beliefs and practices connected with it, are heavily influenced by the people who surround us. In addition, the pursuit of money is all about trying to meet either emotional or psychological desires.

A large number of athletes with modest financial backgrounds and means, come to “sudden wealth” when they turn professional. Their decisions on how to handle this sudden wealth are influenced largely by their financial beliefs and the expectations of society. We want to make the Money Smart Athlete aware of the power that financial beliefs and society pressures have on their financial behavior and lifestyle choices and what it takes for their financial behavior to change and improve.

This month, we are dealing with the Money Smart Athlete’s financial psychology. We want to give Money Smart Athletes the tools to understand and assess their money personalities and take corrective action, as well as empower them to withstand societal pressures and expectations. With proper guidance and support, Money Smart Athletes will be able to modify their financial beliefs and formulate winning financial strategies that can lead them to financial independence.

The athlete’s brand is an integral part of the athlete’s career. An athlete’s brand is their promise to their audience. It tells their audience what they can expect from them, and it differentiates them from the rest of their kind.

Through the ages, humankind has sought out leaders in various fields. Sports celebrities, as societal leaders are in the advantageous position to utilize their famous image and their influence for their own benefit. The preferences and advocacies of sports celebrities, influence consumption patterns and allow them to use their fame to make money. Consistent, strategic branding leads to a strong brand equity which means the added value allows athletes to charge the commercial use of their image at much higher rates than the rest of their peers.

This month, we are focusing on building, protecting and commercializing the Money Smart Athlete’s brand. Money Smart Athletes should be aware that developing their brand and working on their personal marketing strategy will help them stay up-to-date and in the spotlight after their athletic career ends, thus contributing to their lifelong financial success.

The family of the Money Smart Athlete is an integral component of the athlete’s success. The lives of athletes go through transitions and changes in a much faster pace than those of everyday people. The families of athletes are very much affected by such changes and transitions.

Apart from being on the road and on a strict training schedule, there is always the possibility of the athlete being traded, or signing up with a new team in another city or another country, the possibility of sustaining temporary or career-ending injuries, the possibility of losing endorsement or playing contracts leading to financial instability, and so forth.

With the challenges of the athletes’ unique lifestyle in mind, we believe that it is of utmost importance for athletes to protect their families and hedge against the above unforeseen situations.

This month we focus on the Money Smart Athlete’s family needs and share our thoughts on how Money Smart Athletes can ensure that their families are protected from the unique challenges of professional sports life.

I am very excited about the launching of this blog which is a labor of love, vision and hard work. I have been working with athletes from all continents for over 20 years and throughout my career, I have witnessed the financial fall of many great athletes who had been earning substantial amounts of money during their sports career.

The financial vulnerability of athletes is a real problem which I believe can only be tackled by cultivating financial literacy as a life skill; a skill that will help them make sound financial decisions and give them confidence over their financial lives.

My personal mission, as the founder of the APC Sports Financial Literacy Academy (www.apc-sfla.com) is to guide, support and protect athletes in the international cross border sports business so that they realize their full potential and thrive financially.

I derive great satisfaction in helping athletes attain financial freedom and leading fulfilling and financially secure lives after sport. I hope that through this blog I will be able to reach out and help even more great athletes from different corners of the world become Money Smart Athletes!